Problems at Countrywide increased somewhat publicly last night following the disclosure that Bruce Marsh, who had initially accepted the role of Chief Operating Officer, will now no longer be joining the business.
Marsh had also accepted the position of Executive Director on the company’s board, leaving the senior team with two roles to fill.
The decision by Marsh to not take up his job at Countrywide is unusual to say the least, particularly as it has been just over five months since his appointment had been announced.
Working notice
Marsh (picture, above) had been working his notice at his original employer, Tesco where he was its UK and Ireland Finance Director.
The announcement has put a significant spanner in the works at Countrywide where Marsh’s arrival was part of a succession planning strategy to find fresh blood. Marsh had been pencilled in to report directly to Group Managing Director Paul Creffield.
In a statement to City investors, Countrywide gave no indication why Marsh has decided not to join the company, although the announcement’s timing is significant, coming just a day after LSL revealed it was not planning to make an offer for Countrywide.
Many within the industry and the company have concluded that Marsh didn’t want to join a business that is weak enough to see a rival like LSL consider making a bid to buy it and was probably worried by a company whose share price has dropped by over 80% in three weeks.
At the time of his appointment, Marsh told the media that: “I am excited to join Countrywide and to help them with the next stage of their strategy.”
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